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Press release 287 / 2012-08-23: Detailed results on the gross domestic product for the 2nd quarter of 2012

WIESBADEN – The German economy has proved to be robust although growth has slowed down slightly. As the Federal Statistical Office (Destatis) already reported in its first release of 14 August 2012, the gross domestic product (GDP) rose 0.3% – upon price, seasonal and calendar adjustment – in the second quarter of 2012 compared with the previous quarter. At the beginning of 2012, the GDP increased by 0.5%.

Gross domestic product, price-adjusted, chain-linked
(figures adjusted for seasonal and calendar effects using Census X-12-ARIMA)
Changes on a quarter earlier:
201020112012
3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter
+0.7%+0.6%+1.2%+0.5%+0.4%–0.1%+0.5%+0.3%

In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), positive contributions were made by exports. In the second quarter of 2012, exports of goods and services were up 2.5% compared with the first three months of the year. In the same period, imports increased to a somewhat lesser extent (+2.1%). Thus the balance of exports and imports strengthened the GDP development by contributing 0.3 percentage points to its growth.

In the reference quarter, there were mixed signs from domestic demand. Final consumption expenditure of both households (+0.4%) and government (+0.2%) was up on the previous quarter. This counterbalanced largely the decline in capital formation. Gross fixed capital formation in construction was down 0.3% compared with the first quarter of 2012, while gross fixed capital formation in machinery and equipment decreased even by 2.3%. Thus the latter declined for the third quarter in a row. In addition, inventories decreased slightly, which damped economic growth a little (–0.1 percentage points).

On the whole, domestic uses had a slightly negative effect on the gross domestic product, too (–0.1 percentage points).

The following information refers to the year-on-year comparison:

In a year-on-year comparison, too, GDP increased. The price-adjusted GDP rose 0.5% in the second quarter of 2012 compared with the same quarter of 2011. The relatively small increase was among other things due to the negative calendar effect as the reference quarter had one working day less than the same quarter of the previous year. Thus, in calendar-adjusted terms, the GDP increase was larger (+1.0%).

Gross domestic product, price-adjusted, chain-linked (unadjusted figures)
Changes on a year earlier (in percent):
201020112012
1st quarter2nd quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter
+4.5%+4.2%+5.2%+3.1%+2.6%+1.4%+1.7%+1.7%

According to provisional calculations, the economic performance in the second quarter of 2012 was achieved by about 41.6 million persons in employment in the domestic territory, which was an increase of 514,000 persons or 1.3% on a year earlier.

Overall labour productivity (price-adjusted GDP per person in employment) declined in the second quarter of 2012 (–0.7%) for the first time since the year of the economic crisis 2009. When measured per hour worked by persons in employment, labour productivity fell by 0.4% according to first provisional calculations because, on average, the number of hours worked per person in employment was slightly lower than in the previous year (–0.3%). This was mainly due to the smaller number of working days as compared with the same period a year earlier.

The price-adjusted gross value added of all economic sectors increased by 0.8% in the second quarter of 2012 from the second quarter of 2011. However, the development differed between the individual economic sectors. In all service branches, the gross domestic product was up on a year earlier. For the first time since 2009, however, the price-adjusted gross value added was down both in manufacturing (–1.5%) and in construction (–1.6%).

On the use side of the gross domestic product, growth in the second quarter of 2012 was mainly based on foreign trade also when compared with the previous year. In price-adjusted terms, exports of goods and services increased by 4.7% on a year earlier. Imports rose only by 2.9% in the same period. Hence the balance of exports and imports (+1.1 percentage points) was the driving factor for GDP increase compared with the preceding year.

There were mixed signs from within the country: Final consumption expenditure of households was up by a price-adjusted 0.8% against the preceding year. General government raised its final consumption expenditure, too, the increase amounting to 1.1%. In contrast, investments were down on a year earlier for gross fixed capital formation in both machinery and equipment (–3.1%) and construction (–1.2%) compared with the second quarter of 2011. The decrease recorded for gross fixed capital formation in construction was mainly due to a strong decline in public construction. Only gross fixed capital formation in dwellings were up on a year earlier. This means that total domestic uses fell a price-adjusted 0.6% on the second quarter of 2011.

At current prices, gross domestic product increased by 1.7% and gross national income by 2.4% in the second quarter of 2012 on the second quarter of 2011. The net national income (at factor costs), which consists of the compensation of employees and property and entrepreneurial income, rose by a total 2.6%. The compensation of employees increased by 3.7%, while according to first provisional calculations, property and entrepreneurial income rose by a mere 0.3%. Gross and net wages and salaries of employees were up 4.0% each on a year earlier because the social contributions and wage tax to be paid by them increased to a similar extent (+4.1%). When calculated as an average per employee, the increase in net wages and salaries was lower (+2.6%) because the number of employees, too, was up considerably compared with the same quarter of the previous year (+1.3%). The disposable income of households rose 2.1%, and almost the same growth rate was calculated for the final consumption expenditure of households at current prices (+2.2%). This resulted in a provisional savings ratio of households of 9.9% in the reference quarter, which was 0.1 percentage points less than in the second quarter of 2011.

In addition to the first calculation of data for the second quarter of 2012, as every year in August, all results of the last four years published previously (from 2008) were revised and corrected where necessary. Also, as regards seasonally and calendar-adjusted series, there may be modified results within the entire time series from 1991 due to methodological reasons.

As reported in the first release of 14 August, the current recalculation has led to rates of change of the annual and quarterly unadjusted GDP values which, as from 2010, differ by up to 0.6 percentage points from the previously published results. The rates of change of the seasonally and calendar-adjusted results have been corrected by up to 0.3 percentage points. Much larger corrections had to be made in some individual GDP components. In particular, rates of change of GDP for the quarters and the year 2010, for which first results of annual basic statistics have now become available, were – in part considerably – adjusted upwards.

These continuous revisions are carried out as a matter of routine in order to integrate statistical information into the calculations as it becomes available. In this way, the calculation of GDP and other macroeconomic variables is gradually put on an increasingly sound statistical data basis. All basic statistics required for a “final“ calculation of national accounts results are available after four years at the latest, so then the results are final and do no longer have to be revised at regular intervals.

Gross domestic product
Unadjusted figuresFigures according to
Census X-12-ARIMA
price-adjusted, chain-linked
At current pricesPrice-adjusted,
chain-linked
Seasonally and
calendar-adjusted
Calendar-adjusted
EUR billion%12005 = 100%12005 = 100% 2%1 3

1 Change on the previous year or the same quarter of the preceding year in %.
2 Change on the previous year or quarter in %.
3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (exception: differences due to rounding).

qtr = quarter

20092,374.50–4.0102.70–5.1102.63–5.1–5.1
20102,496.20 5.1106.97 4.2106.76 4.0 4.0
20112,592.60 3.9110.21 3.0110.07 3.1 3.1
20091st qtr573.67–5.7100.23–6.5101.80–4.1–6.7
2nd qtr577.74–6.5101.14–7.4102.05 0.2–6.2
3rd qtr608.81–3.6105.05–5.0102.86 0.8–5.1
4th qtr614.28–0.2104.37–1.6103.80 0.9–2.3
20101st qtr598.33 4.3103.07 2.8104.49 0.7 2.7
2nd qtr612.66 6.0106.21 5.0106.80 2.2 4.6
3rd qtr640.71 5.2109.81 4.5107.55 0.7 4.5
4th qtr644.50 4.9108.79 4.2108.20 0.6 4.2
20111st qtr633.01 5.8108.42 5.2109.53 1.2 4.9
2nd qtr637.56 4.1109.49 3.1110.03 0.5 3.0
3rd qtr663.12 3.5112.64 2.6110.43 0.4 2.7
4th qtr658.91 2.2110.28 1.4110.27–0.1 1.9
20121st qtr650.85 2.8110.26 1.7110.82 0.5 1.2
2nd qtr648.60 1.7110.04 0.5111.12 0.3 1.0
Use of the gross domestic product
Unadjusted figures
 20082009201020112012
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Consumption expenditure1,841.541,866.851,920.761,987.43 489.12 504.55
Final consumption expenditure of households and NPISHs1,389.621,391.551,433.161,487.66 364.67 379.14
Government final consumption expenditure 451.92 475.30 487.60 499.77 124.45 125.41
Gross capital formation 476.43 390.72 436.54 473.51 121.15 106.62
Gross fixed capital formation (GFCF) 459.53 408.65 435.26 469.85 105.09 120.46
including:
GFCF in machinery and equipment 200.04 154.85 170.81 183.22 42.20 44.54
GFCF in construction 231.65 226.91 236.81 258.09 56.00 68.82
Domestic uses2,317.972,257.572,357.302,460.94 610.27 611.17
Exports1,191.191,006.541,173.341,300.81 337.32 339.08
Imports1,035.36 889.611,034.441,169.15 296.74 301.65
Gross domestic product (GDP)2,473.802,374.502,496.202,592.60 650.85 648.60
Price-adjusted, chain-linked
Change on the previous year in %
Consumption expenditure 1.3 0.8 1.1 1.5 1.6 0.9
Final consumption expenditure of households and NPISHs 0.8 0.1 0.9 1.7 1.7 0.8
Government final consumption expenditure 3.2 3.0 1.7 1.0 1.5 1.1
Gross capital formation 0.6–15.2 9.8 7.2 0.3–6.8
Gross fixed capital formation (GFCF) 1.3–11.6 5.9 6.2 1.1–1.5
including:
GFCF in machinery and equipment 2.9–22.5 10.3 7.0 2.4–3.1
GFCF in construction–0.7–3.2 3.2 5.8 0.1–1.2
Domestic uses 1.2–2.5 2.6 2.6 1.4–0.6
Exports 2.8–12.8 13.7 7.8 4.1 4.7
Imports 3.4–8.0 11.1 7.4 3.8 2.9
Gross domestic product (GDP) 1.1–5.1 4.2 3.0 1.7 0.5
memorandum item:
GDP per person in employment–0.1–5.2 3.6 1.6 0.3–0.7
GDP per hour worked by persons in employment–0.1–2.5 1.8 1.6–0.6–0.4
 Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 1.0 0.6 0.9 1.2 1.2 0.7
Final consumption expenditure of households and NPISHs 0.4 0.1 0.5 1.0 0.9 0.5
Government final consumption expenditure 0.6 0.5 0.3 0.2 0.3 0.2
Gross capital formation 0.1–2.9 1.6 1.3 0.1–1.2
Gross fixed capital formation (GFCF) 0.2–2.2 1.0 1.1 0.2–0.3
including:
GFCF in machinery and equipment 0.2–1.8 0.7 0.5 0.2–0.2
GFCF in construction–0.1–0.3 0.3 0.6 0.0–0.1
Changes in inventories, and so on–0.1–0.7 0.6 0.2–0.1–0.9
Domestic uses 1.1–2.3 2.5 2.4 1.3–0.6
Balance of exports and imports (net exports)–0.1–2.9 1.7 0.6 0.4 1.1
Use of the gross domestic product
Seasonally and calendar-adjusted figures according to Census X-12-ARIMA
20112012
1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr

1 Only seasonally adjusted.

qtr = quarter

At current prices
EUR bn
Consumption expenditure 492.34 493.44 499.43 501.52 504.54 507.71
Final consumption expenditure of households and NPISHs 368.50 368.62 374.36 375.48 377.36 379.46
Government final consumption expenditure 123.84 124.82 125.07 126.04 127.18 128.25
Gross capital formation 113.91 123.73 118.09 117.03 117.62 115.31
Gross fixed capital formation (GFCF) 115.66 116.49 117.33 118.83 118.17 117.39
including:
GFCF in machinery and equipment 44.86 45.32 46.14 46.06 45.69 44.65
GFCF in construction 63.77 64.09 64.04 65.49 65.28 65.50
Domestic uses 606.25 617.17 617.52 618.55 622.16 623.02
Exports 319.01 320.90 328.74 327.90 333.67 342.80
Imports 283.53 291.32 295.98 295.95 299.34 304.75
Gross domestic product (GDP) 641.73 646.75 650.28 650.50 656.49 661.07
 Price-adjusted, chain-linked
 Change on the previous quarter in %
Consumption expenditure 0.5–0.2 1.0–0.1 0.1 0.3
Final consumption expenditure of households and NPISHs 0.7–0.5 1.3–0.3 0.1 0.4
Government final consumption expenditure 0.1 0.6 0.2 0.5 0.2 0.2
Gross capital formation 2.7 7.6–3.7–0.1–1.7–1.8
Gross fixed capital formation (GFCF) 4.2 0.2 0.4 0.8–0.9–0.9
including:
GFCF in machinery and equipment 0.9 1.1 1.6–0.3–0.9–2.3
GFCF in construction 7.2–0.4–0.7 1.4–0.8–0.3
Domestic uses 0.9 1.2 0.1–0.1–0.2–0.1
Exports 2.7 0.5 2.1–0.5 1.2 2.5
Imports 2.3 2.2 1.7–0.4–0.2 2.1
Gross domestic product (GDP) 1.2 0.5 0.4–0.1 0.5 0.3
memorandum item:
GDP per person in employment 0.9 0.1 0.1–0.5 0.1 0.0
GDP per hour worked by persons in employment1 1.5 0.3–0.1–0.3–0.4 0.4
 Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 0.4–0.2 0.8–0.1 0.1 0.3
Final consumption expenditure of households and NPISHs 0.4–0.3 0.7–0.2 0.1 0.2
Government final consumption expenditure 0.0 0.1 0.0 0.1 0.0 0.0
Gross capital formation 0.5 1.3–0.7 0.0–0.3–0.3
Gross fixed capital formation (GFCF) 0.7 0.0 0.1 0.1–0.2–0.2
including:
GFCF in machinery and equipment 0.1 0.1 0.1 0.0–0.1–0.2
GFCF in construction 0.7 0.0–0.1 0.1–0.1 0.0
Changes in inventories, and so on–0.2 1.3–0.8–0.1–0.1–0.1
Domestic uses 0.9 1.1 0.1–0.1–0.2–0.1
Balance of exports and imports (net exports) 0.3–0.7 0.3 0.0 0.7 0.3
Gross value added by economic sector
20082009201020112012
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Agriculture, forestry and fishing 21.19 15.92 17.83 21.57 5.58 6.14
Industry, excluding construction 574.77 493.94 564.89 607.44 150.83 151.80
including:
Manufacturing 492.10 412.01 481.74 524.51 130.21 131.53
Construction 93.32 93.35 100.43 106.05 24.89 27.12
Trade, transport, accommodation and food services 352.48 338.95 354.79 369.73 88.69 96.15
Information and communication 87.26 93.33 90.03 88.96 23.11 22.19
Financial and insurance activities 83.64 93.14 101.41 101.55 24.56 24.30
Real estate activities 266.45 262.58 263.22 264.17 66.20 65.96
Business services 258.16 229.87 236.26 242.92 63.70 59.95
Public services, education, health 379.35 395.46 405.72 412.43 106.45 102.72
Other services 100.38 100.81 102.05 102.61 25.92 24.81
Gross value added, total2,217.002,117.352,236.632,317.43 579.93 581.14
Price-adjusted, chain-linked
Change on the previous year in %
Agriculture, forestry and fishing 6.3 4.0–14.8–9.2 0.9–3.9
Industry, excluding construction–1.9–17.7 15.8 6.2 1.1–1.4
including:
Manufacturing–2.6–22.1 19.5 8.3 2.2–1.5
Construction–0.2–6.5 6.9 4.6 1.0–1.6
Trade, transport, accommodation and food services 2.4–0.4 1.7 3.1 2.6 1.0
Information and communication 4.8 9.9–0.2 1.9 3.4 3.2
Financial and insurance activities 2.7–1.7 1.4 1.4 2.2 5.2
Real estate activities 1.6 1.6–1.7 0.6 1.8 1.5
Business services 1.7–12.3 2.6 4.2 4.2 3.1
Public services, education,health 3.2 1.4 1.7 0.9 0.8 1.1
Other services 2.1–1.5–0.5–0.5 1.2 0.7
Gross value added, total 1.2–5.6 4.6 3.0 1.8 0.8
Distribution of gross national income
 20082009201020112012
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Gross national income2,502.632,432.472,546.662,640.91 664.63 652.11
Net national income (factor costs)1,890.711,812.251,919.311,984.62 497.13 484.59
Compensation of employees1,229.741,233.411,270.981,327.97 321.29 337.09
Property and entrepreneurial income 660.97 578.84 648.33 656.65 175.84 147.50
Gross wages and salaries of employees1,002.631,003.971,034.051,083.87 261.86 275.32
Net wages and salaries of employees 663.96 667.96 697.66 725.79 175.12 180.35
memorandum item:
Disposable income of households1,541.251,533.141,578.891,630.14 415.06 413.15
Savings ratio (in %) 11.5 10.9 10.9 10.4 13.7 9.9
 Change on the previous year in %
Gross national income 1.3–2.8 4.7 3.7 3.1 2.4
Net national income (factor costs) 0.7–4.1 5.9 3.4 3.1 2.6
Compensation of employees 3.6 0.3 3.0 4.5 3.8 3.7
Property and entrepreneurial income–4.2–12.4 12.0 1.3 2.0 0.3
Gross wages and salaries of employees 3.8 0.1 3.0 4.8 4.0 4.0
Net wages and salaries of employees 2.7 0.6 4.4 4.0 3.8 4.0
memorandum item:
Disposable income of households 2.6–0.5 3.0 3.2 3.5 2.1

National accounts data may be accessed at www.destatis.de > Facts & Figures > National economy & environment > National accounts. In addition, more detailed results are published in Fachserie 18 “National Accounts”, Series 1.2 “Quarterly results“ and Series 1.3 “Seasonally adjusted quarterly results using Census X-12-ARIMA and BV 4.1 ”. The above and other publications can be downloaded. A detailed quality report on national accounts is also available.

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